Government to prosecute marketers selling petrol above N145

Government to prosecute marketers selling petrol above N145

The Federal Government would prosecute any marketer that sells petrol above the recommended N145per litre, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has warned.

Speaking yesterday during a meeting of the committee set up by government to resolve grey areas in the supply of petrol, Kachikwu denied saying that marketers could be allowed to sell petrol above the prevailing N145 per litre.He said: “We are actually looking at those who have breached this process to see what we can do to penalise them and set stiff penalties for those who sell above N145 per litre.

“Going forward, there will be very massive enforcement, firm position and firm tracking of product within the country. Nobody deserves this up and down, in terms of product supply. “So, I want to make it very clear that there is no discussion on price increase issue. The price of petrol is N145 per litre and remains there. Nothing has changed and there is no mandate to increase that.”

The minister stated that there is no multiple price fixing environment where people can work outside of the umbrella of what has been fixed, adding: “What we approved was a modulation price within N135 and N145 per litre. There is no authorisation to sell petrol above N145per litre. No one is free to set the price above that range.”

He also hinted that plans were underway by the Petroleum Products Pricing Regulatory Agency (PPPRA) to review price template elements with a view to ensuring that marketers are allowed to participate in the process.According to him: “Obviously, the PPPRA develops price template and helps government monitor importation into the country so that we are sure of the actual volume that comes in and all that. Template has always been an issue, because as prices change in the international market, some of the items in the template have question marks.

“There are two lines over the template. There is actual cost of landing products and the second one is ancillary charges that have to do with logistics and profit margins for the operators, which are all below the line elements.

“As part of the work of this committee, we are also reviewing that template to see whether there are things we need to do, all in a bid to help us ensure that we can accommodate sales at the N145 per litre window. That is also going to be looked at.

Guardian

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